New Delhi, May 8 (CommoditiesControl): Following a recent period of weakness, wheat prices demonstrated resilience across major trading hubs, maintaining a steady to firm stance as buyers found themselves compelled to offer higher prices amidst seller reticence to settle for lower rates.
The gradually reducing arrivals in North India, coupled with active government procurement initiatives in certain states, continued to underpin the market, providing essential support to prices.
In several mandis, the majority of private players remained inactive in wheat procurement, largely due to the dominance of government procurement activities. Notably, private player participation was notably sluggish in Uttar Pradesh (UP).
Today marked a modest improvement in procurement figures, with an increase of 0.3 million tons to reach 23.5 million tons. By comparison, during the same period last year, procurement stood at 24.7 million tons, with an overall expectation to conclude at 27 million tons.
In specific market snapshots, Delhi's wheat prices maintained stability at INR 2480 per quintal, while Rajasthan's new wheat held firm at INR 2570 per quintal, buoyed by robust demand. Similarly, Gujarat's new wheat also traded steadily at INR 2570 per quintal.
In Bengaluru, prices remained steady in the range of INR 2840-2850 per quintal (net), while Madhya Pradesh's wheat traded at INR 2550-2560 per quintal ex-warehouse. UP prices also held steady at INR 2410-2420 per quintal.
The significant decline in arrivals observed in Punjab has placed buyers in a challenging position, as supplies dwindle, necessitating a rise in prices by INR 10-20 for buyers in Delhi and Jammu.
Considering the prevailing market trends, wheat prices are anticipated to maintain a steady to marginally firm trend in the near term, with a delicate balance between supply-side factors and government procurement activities shaping market sentiment.
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